How to Change Your Rental Remodel Budget Taking Into Account Material Shortages and High Prices
With so many people working and learning from home over the last year and a half and completing their own DIY projects, the demand for renovation supplies has caused a rise in material prices. This makes prioritizing or staggering repairs and remodels based on need and impact on your bottom line rental price very important for property owners. In a Good Morning America interview in May 2021 with the President of the National Association of the Remodeling Industry, the estimates are that remodeling costs are 25-40% higher than last year. Appliances and lumber have seen a sharp rise in costs. However, experts expect that prices will begin to decline in the fall. So putting larger, big ticket items on the back burner may be best for now.
If you are still in need of remodeling, here are some alternative ways and ideas to get the job done.
- Painting. This is a great way to make any space feel new again. According to HomeServe.com, a gallon of paint can cost between, $15-30, with the average-sized bedroom needing 2-3 gallons. The cost to have a space professionally painted can range from $500-$3000 for 1,000 square feet and a gallon of paint can cover 400 square feet.
- Refinish Cabinets. Looking to spruce up the kitchen or bathroom without a high renovation cost? The cost to refinish cabinets is far less than replacing them, up to $4,000. This is a great alternative to buying them since materials and labor are still in short supply.
- Upcycled Materials. If you are in desperate need to replace furniture after a hard year of renter use or the kitchen cabinets won’t make it through the next renter, consider upcycled materials. Places like Habitat for Humanity sell new and reclaimed cabinets, appliances and building materials.
Before you embark on a remodel or renovation project, do some homework and determine where the greatest need lies. Once you have done that, you may be able to find a less expensive alternative if you just take the time to think outside the box.